Sallie Mae, Newark, has announced a Bar Study Loan.
The loan helps students finance costs not covered by federal student loan programs, including bar review course fees, exam fees, and living expenses incurred while preparing for the exam.
Rates are variable, and starting rates range from 3.50 percent APR to 10.20 percent APR. Also, customers who make scheduled monthly payments by automatic debit receive a 0.25 percentage point interest rate reduction.
Students who plan to take the bar exam within 12 months of graduating, who are enrolled at least half-time in their final year of study at an American Bar Association-accredited law school, or who have graduated from one within the past 12 months, are eligible to apply for the Bar Study Loan.
In addition to competitive interest rates, Sallie Mae’s Bar Study Loan offers
- No application, origination, or disbursement fees. Also, there are no prepayment penalties.
- Defer payments while in school. Customers may defer payments as long as they are at least half- time students and for nine months after they graduate or leave school.
- Interest-only payments. Customers can choose the standard repayment of principal and interest, or ask to make interest-only payments for the first two or four years after graduation, followed by monthly principal and interest payments for the remainder of the loan’s term.
“In many educational programs, earning a degree is the last step, but law students face the additional hurdle of having to pass the bar,” said Charlie Rocha, executive vice president, Sallie Mae. “A Sallie Mae Bar Study Loan can help pay the bills while these students study for the bar, and help them feel financially prepared as they get one step closer to embarking on their legal careers.”
